Cardano is launching a new blockchain. Polygon’s partnership streak is ongoing. JP Morgan is launching a cryptocurrency wallet.
The Cryptoverse has been pulsating rigorously, lately (for various reasons). The FTX-Alameda chapter is now passé. Let’s move-on to other attention-deserving cryptocurrency and blockchain projects that are moving the needle.
In this article, we present to you the latest developments surrounding Cardano, Matic, Credit Suisse, and J.P. Morgan’s crypto wallet chronicles.
Cardano
Let’s begin with Cardano. Charles Hoskinson, CEO, Input Output Global, states the focus will be on preserving privacy. At the same time, regulators and auditors will be provided access as and when permission is granted.
A brand new privacy-first blockchain, Midnight, is set for a 2023 release by Cardano. Releasing alongside will also be the Dust token to fuel the new Cardano network.
A zero-knowledge-proof smart contracts delivering technology, Midnight shall offer individuals, businesses, and developers enough security and privacy.
Whilst protecting users’ personal and commercial data, Midnight would still make available fundamental freedom. A potential use-case includes that for the U.S. retailer Walmart, using hyper-ledger blockchain technology in their supply-chain management.
The Cardano Network shall also launch in Q1 2023 the first fully fiat-backed and regulatory-compliant USDA stablecoin. The USDA stablecoin will be pegged to the U.S. dollar.
Plans are in place to offer lending, borrowing, crypto bridges, and crypto-based card products for Cardano. The underlying objective is to boost Cardano’s DeFi ecosystem after losing about 80% of the total value locked (TVL) on-chain since March 2022.
While Ethereum rests on a $23 billion on-chain TVL, Cardano is merely holding an on-chain TVL close to $58 million.
But Cardano has even more in-store to delight the Cryptoverse. DJED, an algorithmic (decentralized) stablecoin, is set to launch on Cardano mainnet in January 2023.
Developed in partnership with COTI (a stablecoin development company), DJED will be overcollateralized solely via cryptocurrencies, such as ADA and SHEN (the reserve token).
Polygon
The Polygon Network is ringing partnership bells, yet again. Solana NFT platform, Magic Eden, has announced support expansion for NFTs based on Polygon.
This development paves the way for a new web3 community of gamers and developers to enter the Polygon Network. Polygon is yet again making apparent its mission of boosting mass adoption of crypto and web3, by striking just the right partnerships.
Magic Eden co-founder and COO, Zhuoxun Yin, has reportedly said that they chose Polygon firstly due to its rising adoption by prominent web2 brands. The second reason being the potential of the Polygon Network to scale major web3 gaming projects.
Web3 shopping platform, Uquid, has also recently announced a Polygon Network integration, to brace for a seamless web3 shopping experience. Uquid’s future shopping vision involves a metaverse and shop-to-earn experience.
Uquid will now be built based on the Proof-of-Stake (PoS) Chain of Polygon. The Matic token shall be the payment method for the 85 million shoppable products on Uquid’s marketplace.
J.P. Morgan
United States’ largest bank, J.P. Morgan & Chase Co. (JPM), has registered a patent to start their web3 journey with a digital cryptocurrency wallet.
JPM’s patent application for its “J.P. Morgan WalletṬṀ” is now officially authorized, per U.S. Patent and Trademark Attorney, Michael Kondoudis.
Sharing the details on JPM’s trademark application approval, Mr. Kondoudis tweeted:
J.P. MORGAN WALLET is now a registered trademark for:
— Mike Kondoudis (@KondoudisLaw) November 21, 2022
▶️ Virtual currency transfer + exchange
▶️ Crypto payment processing
▶️ Virtual checking accounts
▶️ Financial services
The USPTO granted the #JPMORGAN application on Nov 15#NFTs #Metaverse #Crypto #Web3 #NFT #Finance pic.twitter.com/Qg2wSeqtFf
JPM is aiming to offer cryptocurrency payment services, including virtual checking accounts, crypto payments’ processing (transfers), etc.
Whilst JPM CEO is still not impressed with cryptocurrency, JPM recently commenced its crypto journey with a transaction on the Polygon chain.
The J.P. Morgan WalletṬṀ, a real-time virtual sub-ledger, is poised to automate an infinite number of payments (in real-time, across platforms).
Credit Suisse
Credit Suisse is potentially approaching a collapse. Given a projected $1.6 billion (CHF1.5 billion) Q4 loss, as it shapes a total strategic restructuring.
Credit Suisse is witnessing net-asset outflows to the tune of 6% of assets under management (AUM), in Q3 2022.
Coupled with its recent risk and compliance debacles, soaring litigation costs have led the second-largest Swiss bank’s investment bank to underperform. Although appropriate measures were initiated last month to control the ailments.
The bank’s Wednesday market update states:
These decisive measures are expected to result in a radical restructuring of the Investment Bank, an accelerated cost transformation, and strengthened and reallocated capital, each of which are progressing at pace,
Approaching Credit Suisse also is recording a CHF75 million loss owing to the sale of its shareholding in Allfunds Group. Net interest income, recurring commissions and fees, the bank states, would plummet its wealth management division’s Q4 profit performance.
Analysts indicate Swiss Central Bank is potentially bailing-out Credit Suisse via the U.S. Federal Reserve’s currency swap line facility.
